Saatvik Solar PV Modules get Munich Re insurance
Saatvik Solar announced that their PV modules are now insured by Munich Re.
“The insurance was received after thorough risk assessment tests of the production lines, financial strength, environmental, safety and labour conditions,” the company said.
The insurance solution covers the performance warranty of Saatvik Solar modules for a period of 25 years. The warranty guarantees that the modules will perform to at least 90 percent capacity in the first 10 years and to at least 80 percent in the remaining 15 years.
And ultimately it gives developer of solar power projects additional economic security in the event of an unforeseen loss in performance of the modules. This new insurance solution is a major stepping-stone in financing photovoltaic projects as it provides additional financial security.
Prashant Mathur, Chief Executive Officer, Saatvik Solar said, “The cooperation with Munich Re does fully demonstrate that products, technology and service quality of Saatvik have been convincingly recognized and accepted. Meanwhile, the backup by Munich Re will also ensure customers about product quality and efficiency attenuation, thus providing better risk management and control tools for owners and investors.”